What happens to my neobank account if I lose my phone?

Chances are it’s been a while since you last walked into a branch or received bank statements in the mail. From transferring funds between accounts to checking your monthly spending, more and more Aussies are banking with their smartphone – and the rise of app-based neobanks in Australia has only made this shift from physical to digital more pronounced.

But as convenient as mobile banking may be, Aussies aren’t completely worry-free when it comes to this new way to bank, with many questions tossed around about security. For instance, since your neobank account is only accessible through an app, what happens to your funds if you lose or misplace your phone?

The good news is, just like any other banking app, as long as you haven’t shared your password with anyone or left your account logged in, your funds should be in safe hands. And to get back into your account, you can download the neobank app again on your new phone.

According to neobanks Up and Volt Bank, the process around regaining access to your account is fairly straightforward.

With Up, it’s a matter of redownloading the Up app and following the prompts onscreen to set up your new phone. Meanwhile, Volt Bank advises customers to contact them over the phone to register again.

Generally you can reach out to your neobank by phone, as most will have a customer service team on call during business hours to address any concerns. Be sure to check your neobank’s website for their contact details.

But if for some reason you think someone might have your password or you’re worried that you haven’t logged out of your neobank account, then you should also remotely lock and wipe all information from your lost or stolen phone. This is especially important if you’ve linked your account to a digital wallet like Google Pay or Apple Pay.

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